Friday, November 16, 2012

$11bn Cash Taken Abroad Through Nigerian Airports — Sanusi

The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said that about $11bn (N1.73tn) has been taken out of the country through the airports this year, a development he describes as worrisome.

Sanusi, while speaking at an event organised by Bank Directors Association of Nigeria in Lagos on Thursday, wondered why many Nigerians now preferred carrying out transactions with the United States dollar at the expense of the local currency, the naira.

According to him, the dollar is becoming the country’s second currency based on its usage, adding that the central bank’s aim for contemplating the introduction of the N5,000 bill was to address the development.

He said, “In this country, almost everybody uses the dollar. This year alone, the records we have based on the declared amount at the airports is getting to about $11bn in cash that was taken out of Nigeria.

“Why would anyone walk out of an airport with $5m? Well, they will say is because the law has made it clear that you can take any amount so long as you have declared it and I cannot stop you. These are some of the issues we wanted the introduction of the N5,000 note to address.”